We hold a long-term position of  800 shares with an adjusted cost basis of 14.91.  Since a selloff to 28.55 appears likely, let’s try to hedge the position if SLW rallies to the Hidden Pivot midpoint associated with that target, 32.12. Accordingly,  I’ll recommend shorting eight February 33 calls.  They should be trading for around $2, but to get the right price you should monitor the bid/asked spread as SLW approaches the target. ______ UPDATE (Tuesday, January 18, 11:56 a.m. ET):  The stock opened on a gap to 32.42, allowing us to short the calls for the rigged price of  1.94.  (The market makers were quite obviously buyers of this series.) Do nothing further for now. Our position is a covered write — insurance against further weakness, but with no upside cost if the stock is 34.94 or lower.